FREMONT, Calif., Jan. 10 /PRNewswire/ -- Abgenix, Inc. (Nasdaq: ABGX) has
signed a research license and option agreement with Neuralab Limited, which
will become a wholly owned subsidiary of Elan Corporation, plc ("Elan") after
January 31, 2000. Elan will use Abgenix' XenoMouse(TM) technology to generate
fully human monoclonal antibodies to an undisclosed antigen in the field of
neurological diseases. In return, Abgenix will receive a technology access
payment and could receive additional fees and milestone payments plus
royalties on future product sales by Elan. Elan will be responsible for
product development, manufacturing, and marketing of any products developed
through the collaboration.
"Abgenix is pleased to be collaborating with Elan, our sixteenth XenoMouse
partner, on an exciting target in the neurological disease field," stated
R. Scott Greer, president and chief executive officer of Abgenix. "Interest
among pharmaceutical and biotechnology companies for Abgenix' XenoMouse
technology to make fully human antibodies for drug development continues to
grow."
Antibodies are naturally occurring proteins that the body's immune system
uses to combat many diseases. As therapeutic products, antibodies have
several potential advantages over other therapies. The highly specific
interaction between an antibody and its target may, for example, reduce
unwanted side effects that may occur with other therapies. Fully human
antibodies are desirable because they avoid the risk of rejection present with
mouse or partial mouse antibodies.
Abgenix is a biopharmaceutical company that develops and intends to
commercialize antibody therapies for the treatment of such conditions as
transplant-related diseases, inflammatory and autoimmune disorders,
cardiovascular disease, infectious disease, and cancer. Abgenix developed
XenoMouse technology to enable the rapid generation of high affinity, fully
human antibody product candidates to essentially any disease target
appropriate for antibody therapy.
Abgenix has collaborative arrangements with numerous pharmaceutical,
biotechnology, and genomics companies involving its XenoMouse technology. In
addition, Abgenix has multiple proprietary antibody product candidates under
development internally, three of which are in human clinical trials for
graft-versus-host disease, psoriasis and cancer. For more information, visit
Abgenix' web site at http://www.abgenix.com.
Statements made in this press release about Abgenix' XenoMouse(TM)
technology, product development activities, and collaborative arrangements
other than statements of historical fact, are forward looking statements and
are subject to a number of uncertainties that could cause actual results to
differ materially from the statements made, including risks associated with
the success of clinical trials, the progress of research and product
development programs, the regulatory approval process, competitive products,
future capital requirements and the extent and breadth of Abgenix' patent
portfolio. Please see Abgenix' public filings with the Securities and Exchange
Commission for information about risks that may affect Abgenix.
SOURCE Abgenix, Inc.
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Related links:
http://www.abgenix.com
CONTACT:
Kurt Leutzinger, Vice President and Chief
Financial Officer of Abgenix Inc., 510-608-6575
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